NFC-enabled mobile payments in China is set to
boom over the next two years, according to a new study.
ABI Research’s Mobile Payments in
China study predicts China could see more than $8bn made
in mobile payments using NFC technology by 2014.
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The study says Chinese manufacturers and
operators are significantly more focused on contactless mobile
payments than their western contemporaries.
“China is a big mobile payments market to play
for. There were more than 868m cellular subscribers as of the end
of March 2011,” said Jake Saunders, vice president for forecasting
at ABI Research.
According to the research, mobile network
operators such as China Mobile, China Unicom and China Telecom,
will lead the market with financial institutions and third party
mobile payment service providers taking a backseat.
The Chinese market currently favours NFC
handset add-ons with 2.5m WatchData SIMpass add-ons and 50,000 SD
add-ons being shipped, compared to just 45,000 NFC-enabled
handsets.
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